Market Overview

Healthequity Shares Fall 10%, Sell-Side And Traders Attribute Move To Institutional Sellers


Shares of Healthequity Inc (NASDAQ: HQY) were down over 10 percent on Wednesday. Selling picked up around 12 p.m. ET, leaving participants baffled. The company reported earnings of $0.08 versus estimates of $0.07 and guidance came in strong.

Mid-day Wednesday, shares were taken down from about $31.75 to $28.05 over a matter of 2 1/2 hours. Various analysts and traders contacted by Benzinga attributed the selling to institutional liquidations as the quarter ends.

In a research note published Tuesday after earnings, Avondale Partners said the sole negative update that caught people off-guard on revenues was transactions fees, which Avondale said might even be a good thing. Baird Equity analysts called the Q3 report '"excellent" and they see momentum continuing going forward.

Raymond James remains optimistic for FY 2017 and believed the premium shares commanded Tuesday evening was warranted.

With 30 minutes remaining in the regular session, HealthEquity shares were off the lows of $28.05, trading around $29.10.

Posted-In: Avondale Baird Raymond JamesAnalyst Color News Exclusives Intraday Update Movers


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